Recently in the news, there was a man who was sentenced to five years in prison and ordered to pay over $600,000 in restitution for pretending to be a rare coin dealer and stealing people’s coins. His ploy was to convince elderly men and women that he could evaluate their collection and then sell it for them. He often talked to them for several weeks and eventually persuaded them to mail him their rare coin collections. Of course, he simply stole the coins and never offered them any money. The good news is that he is behind bars but the bad news is these types of scams happen every day!
You may well think you could never be tricked in such a way, and you might be right, but there are a lot of scams out there and learning about them can only help guide you in the right direction. For instance, some dealers will have a coin graded, and then swap the valuable coin for a less than worthy one, while still selling it at the much higher price! This is just one of many sleazy schemes that have been pulled on the unsuspecting buyer. This is why it is so important to have a trust worthy rare coin dealer.
How do you go about choosing a dealer? No matter if you are looking for a local dealer or a dealer online, quality dealers all seem to have many of the same easy to spot qualities. To begin with, you want to look for a company that has been in the business for years. Age alone does not make a great coin dealer, but often the ones who have been in business for so long are able to stay in business because they keep their customers happy. An established business is also less likely to suddenly pack up the store and move in the middle of the night.
A rare coin dealer with memberships in prestigious coin groups, such as the PNG, is also a great sign that you are dealing with a professional. Also, if dealing with a dealer online be sure that they offer phone consultations. You can really get the feel for the personality of a company over the phone, and see if they are a good fit for you. If you are still uncertain about a certain company, look for reviews or talk to previous customers.
Finding a good quality rare coin dealer can give you confidence and make your coin collecting experiences a real pleasure!